This are minors. Importance is: China added volatility and pressed dollar by devaluing her currency which stabilized Ruble who now start regaining it's value.Dollar remained weak despite USA attempts to isolate economically half the planet, and US bonds start finally going up, oil kept value despite the huge efforts to go down and Grivna devaluing with a steady and fast pace and soon it will be critical. So far so good!

And finally a tip, US economy will soon end the period of super volatility, super low interest rates. The time when stock markets in the West hit record highs will end the second half of the year. A strong wave of West capital and hence growth will hit the emerging markets again starting from Q1 2015 (and in the same time precious metals will rise agian.

China has been devaluating Yuan for their own reason to avoid speculation buying as they plan to free float Yuan in 2015.

From Russian Finance Minster statements he seems to be very worried about targeted sanctions if and when it comes and how it will play out its charting into unknown territories

Right now Western sanctions are not hard enough though it has done significant damage to market sentiments and how money went out of the country.

Either ways Blame Russia Decision maker for relying too much on Western Economy and their high price they pay at the cost of economic trade with East .. it similar to how a Drug Addict gets addicted to a known Drug Peddler because he gives him a good deal.

Now suddenly the leadership has woken up when the screws started tightening .........the long negotiated Gas deal with China has suddenly become a priority ......In the 10 years years they have been negotiating China made deal with few other countries and Russia lost these contracts in the hope of extracting European Gas Price from China for this deal .......thats really the height of stupidity. They could have taken a great chunk of China's gas business but for their Stupidity as the Morons at Gazprom thought they would get western price from China.

Rosneft got better off and made good long term deals with China with give and take.........hopefully the morons of Gazprom will wake up soon before loosing more market in china.

India imports $90 Billion Gas/Oil every year but the share of Russia in that is mere $500 million ..... not sure why they cant do a good deal with India and supply half of its energy of Oil and Gas.

Hopefully with their pants on Fire now ........they would turn to trade more aggressively with East and South East Asia and BRICS Countries.

West has already shown what it can do to Isolate Russia and hopefully its a good lesson for Putin and Company.

Finance minister didnt say that. As well, these sanctions can barely hurt Russia as already Putin and Rogozin said. It will hurt but not much. Like I said, besides foreign assets, US has little in terms of pressure to Russia. But this will change how economics will work in the future.

As well, US and European business will lose out on a massive market. Then there are businesses like Siemans who is not going to stop trading with Russia.

And another move by Russia (very interesting in the current situation):

Iran, Russia working to seal $20 bln oil-for-goods deal - sources

Reuters wrote:Iran and Russia have made progress towards an oil-for-goods deal sources said would be worth up to $20 billion, which would enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations told Reuters.

In January Reuters reported Moscow and Tehran were discussing a barter deal that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.

After Russian announcement on creating national payment system (Putin gave 6 months for the task) Russia is transfering all contracts in from Dollar to Ruble

Russia’s Gazprom plans to sell gas for rubles

Russia announces that it will sell (and buy) products and commodities – including oil – in rubles rather than in dollars.

As I understand Russia already sells oil and gas and perhaps much more in relations with China and perhaps some other countries but this intention is for the first time

meant to go global and include all kinds of commodities

Putin Flushes the US Dollar: Russia’s Gold Ruble Payments System Delinked from Dollar?

“Russia should sell domestic products – from weapons to gas and oil – abroad for roubles and buy foreign goods also for rubles….Only then are we going to use the advantages of the rouble being a foreign currency in full measure.”

Simbolic of such actions where defined by by Russian President opening account in Rossiya bank and ...

Golden Symbol of Russian Rouble installation in front of the bank’s office in Perevedensky pereulok in Moscow will symbolize the rouble’s stability and its backing by the country’s gold reserves

An action in support of bank Rossiya to take place in Moscow

But at the same time we have another interesting development from China in regard to US Dollar

From the budensbank:

Renminbi clearing in Frankfurt

Where Germany and China will exclude Dollar from their trade for the benefit of yuan

Viktor wrote:After Russian announcement on creating national payment system (Putin gave 6 months for the task) Russia is transfering all contracts in from Dollar to Ruble

Russia’s Gazprom plans to sell gas for rubles

Russia announces that it will sell (and buy) products and commodities – including oil – in rubles rather than in dollars.

As I understand Russia already sells oil and gas and perhaps much more in relations with China and perhaps some other countries but this intention is for the first time

meant to go global and include all kinds of commodities

Putin Flushes the US Dollar: Russia’s Gold Ruble Payments System Delinked from Dollar?

“Russia should sell domestic products – from weapons to gas and oil – abroad for roubles and buy foreign goods also for rubles….Only then are we going to use the advantages of the rouble being a foreign currency in full measure.”

Simbolic of such actions where defined by by Russian President opening account in Rossiya bank and ...

Golden Symbol of Russian Rouble installation in front of the bank’s office in Perevedensky pereulok in Moscow will symbolize the rouble’s stability and its backing by the country’s gold reserves

An action in support of bank Rossiya to take place in Moscow

But at the same time we have another interesting development from China in regard to US Dollar

From the budensbank:

Renminbi clearing in Frankfurt

Where Germany and China will exclude Dollar from their trade for the benefit of yuan

Frankfurt Beats London to Become First RMB Clearing Hub Outside Asia

Bundesbank, PBOC Sign Deal to Settle Renminbi Payments in Frankfurt

So, interesting times ahead of us ....

Interesting indeed.This is a great move by Russia.I think we're entering a new era if they truly go through with this.

The US empire as we've known it in the past could very well be gone in a decade or two.Excellent news!+1 Viktor

While avtovaz is still producing same rate, Ford is dropping a lot of production in Russia due to weakened rouble and low consumption rate for automobiles (even though lada granta sold very well). The blame for weak rouble is bad due to it technically makes production cheaper for them, so it is more of a political stance then anything. To make it even funnier, is they are still wanting to release and sell newer models in Russia.

I say, let ford go until they admit their mistake, and let sollers find a new partner, like Hyundai or Tata.

Edit: reading further, seems sollers has a huge array of other automotive partnerships: Toyota, Isuzu, Hyundai, ect. Would be good if they replace ford with Tata to compete in Russia and CIS with avtovaz for cheaper end market.

Viktor wrote:After Russian announcement on creating national payment system (Putin gave 6 months for the task) Russia is transfering all contracts in from Dollar to Ruble

Russia’s Gazprom plans to sell gas for rubles

Russia announces that it will sell (and buy) products and commodities – including oil – in rubles rather than in dollars.

As I understand Russia already sells oil and gas and perhaps much more in relations with China and perhaps some other countries but this intention is for the first time

meant to go global and include all kinds of commodities

Putin Flushes the US Dollar: Russia’s Gold Ruble Payments System Delinked from Dollar?

“Russia should sell domestic products – from weapons to gas and oil – abroad for roubles and buy foreign goods also for rubles….Only then are we going to use the advantages of the rouble being a foreign currency in full measure.”

Simbolic of such actions where defined by by Russian President opening account in Rossiya bank and ...

Golden Symbol of Russian Rouble installation in front of the bank’s office in Perevedensky pereulok in Moscow will symbolize the rouble’s stability and its backing by the country’s gold reserves

An action in support of bank Rossiya to take place in Moscow

But at the same time we have another interesting development from China in regard to US Dollar

From the budensbank:

Renminbi clearing in Frankfurt

Where Germany and China will exclude Dollar from their trade for the benefit of yuan

Frankfurt Beats London to Become First RMB Clearing Hub Outside Asia

Bundesbank, PBOC Sign Deal to Settle Renminbi Payments in Frankfurt

So, interesting times ahead of us ....

Woow, looks like Russia has launched a massive economic counter offensive here, thing are starting to get interesting.

Austin wrote:We wont see Yo-Mobil car , the owner dropped the plan to produce the car.

It was a very promising project sad to see it close before it starts

Yo-price: Russian tycoon sells hybrid car project to govt for €1

The tech is now in nami institution hands. Could be resold in later dates. I am not surprised sincce it was expensive (like all electric automobile tech), and like most of them, end up dead. Maybe there is a semi slump in the automotive market, but lada granta is still top selling. So people are looking at cheap automobiles, not high tech.